In April, the monthly average electricity price in Latvia continued to decrease, falling to 60.25 euros per megawatt hour (EUR/MWh), which is the lowest price since May 2021. In April, the price of electricity was 12% lower than in March and 9% lower than a year ago, according to AS “Augstsprieguma tīkls” (AST) Latvian electricity market review.
The drop in electricity prices was facilitated by the high performance of solar, wind and hydro power plants, as well as warmer weather, which contributed to the reduction in electricity consumption. In addition, in the first weeks of the month, negative electricity prices were also observed in Latvia, the Baltics and the Nordic countries due to the forecast of large solar, wind and hydro generation.
In April, different trends were observed in the interconnected electricity trading areas of the Baltic States in relation to the average electricity price – in Finland and Sweden’s 4th zone, the price decreased by 18%, or up to 48.92 EUR/MWh, and by 4%, or up to 53.79 EUR/MWh, respectively , while in Poland the price increased by 7% or up to 80.87 EUR/MWh.
In April, compared to March, the import of electricity to the Baltic States decreased by 2.5% in general, although the volume imported from Poland increased by 1.3% and Finland by 19.1%, but decreased by 12.7% from the 4th region of Sweden. The amount of imported electricity to the Baltic States continues to decrease, reaching the lowest amount since November 2023.
On January 26, due to a fault, the EstLink 2 power connection between Finland and Estonia was unplanned, resulting in a reduction of 650 MW of transmission capacity between Finland and Estonia, bringing the total transmission capacity down to 350 MW provided by Estlink 1. The generating capacity of the Latvian energy system is sufficient to cover Latvia’s consumption, as well as to export electricity to Lithuania and Estonia. In addition, NordPool exchange electricity prices have not been affected by the outage and remain stable. It is currently predicted that the repair of the interconnection could last until the end of August 2024.
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